我国开放式基金选股能力和择时能力的实证研究

An Empirical Study of Selectivity and Market Timing Ability of Open-End Funds Managers in China

本文运用T-M 模型和H-M 模型对我国开放式基金经理的选股能力和择时能力进行实证研究,结果表明,我国开放式基金经理不具备选股能力,但具备一定的择时能力。此外,选股能力和择时能力之间存在强烈的负相关性。

Using the T - H model and H - M model, this paper presents an empirical analysis of the selectivity and marking timing of open-end funds managers in China. The results suggest that open funds managers does not have the stock selection ability, but have some market timing ability. In addition, stock selection ability is markedly inversely related to market timing ability.